{"id":2120,"date":"2021-10-04T10:42:06","date_gmt":"2021-10-04T09:42:06","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=2120"},"modified":"2021-10-06T10:54:46","modified_gmt":"2021-10-06T09:54:46","slug":"robust-recovery-for-housing-and-mortgage-markets","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/10\/04\/robust-recovery-for-housing-and-mortgage-markets\/","title":{"rendered":"Robust recovery for housing and mortgage markets"},"content":{"rendered":"
\n

Projections\nproduced by the Intermediary Mortgage Lenders Association (IMLA) suggest gross\nmortgage lending will reach \u00a3285bn this year. This revision, upgraded from a\nprevious forecast of \u00a3283bn, points to the housing and mortgage markets\u2019\ncontinued strength in the face of pandemic-related challenges.<\/strong><\/p>\n<\/div>\n\n

\n

A strong\nhousing market has caused a surge in mortgage lending. In the first five months\nof 2021, lending for house purchase was 87% higher than the same period in 2020\nand 51% above the same period in 2019. Buy-to-let lending has also increased,\npropelled by house purchase transactions.<\/p>\n<\/div>\n\n

\n

Peak buying<\/strong><\/p>\n<\/div>\n\n

\n

Housing\nturnover is expected to remain buoyant into Q3, with an additional 120,000\nproperty transactions. However, after the high levels of market activity during\nthe Stamp Duty holiday, the IMLA expects gross lending to dip in 2022, reducing\nits forecast from \u00a3286bn to \u00a3280bn.<\/p>\n<\/div>\n\n

\n

Quieter\nspell to come?<\/strong><\/p>\n<\/div>\n\n

\n

While the Stamp\nDuty holiday has fuelled rising house prices, a slightly more subdued picture\nis likely to emerge following the end of the taper (30 September in England and\nNorthern Ireland). This isn\u2019t certain, however: in Scotland, where the Land and\nBuildings Transaction Tax reduction ended in March, buyer momentum has remained\nresilient and house prices have continued to rise at pace.<\/p>\n<\/div>\n\n

\n

Kate Davies,\nExecutive Director of the IMLA, commented, \u201cWith the Stamp Duty holiday soon\ncoming to an end, and the Help to Buy scheme due to conclude in 2023, there is\nstill a need for a coherent, long-term housing strategy from the government\nthat embraces the public as well as the private sectors.\u201d<\/em> <\/p>\n<\/div>\n\n

\n

More deals,\nlower rates<\/strong><\/p>\n<\/div>\n\n

\n

Separate\nfigures1<\/sup> show the number of mortgage deals has risen from 4,512 in\nJuly to 4,660 in August. At the same time, the average rate for two-year and\nfive-year fixed rate products has fallen to 2.52% and 2.75% respectively.<\/p>\n<\/div>\n\n

\n

The best deals\naren\u2019t lasting long though. If you\u2019re looking to lock into a low rate, get in\ntouch now and we can find the most suitable mortgage for your circumstances.<\/p>\n<\/div>\n\n

\n

1<\/sup>Moneyfacts,\n2021<\/p>\n<\/div>\n\n

\n

As a\nmortgage is secured against your home or property, it could be repossessed if\nyou do not keep up mortgage repayments.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Projections produced by the Intermediary Mortgage Lenders Association (IMLA) suggest gross mortgage lending will reach \u00a3285bn this year. This revision, upgraded from a previous forecast of \u00a3283bn, points to the housing and mortgage markets\u2019 continued strength in the face of pandemic-related challenges. A strong housing market has caused a surge in mortgage lending. In the […]<\/p>\n","protected":false},"author":15,"featured_media":2121,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,35,91],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2120"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=2120"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2120\/revisions"}],"predecessor-version":[{"id":2123,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2120\/revisions\/2123"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/2121"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=2120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=2120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=2120"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=2120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}